Statutes, codes, and regulations
West Virginia Administrative Code
Agency 114 - Insurance CommissionTitle 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-80 - Viatical Settlements
Section 114-80-10 - Disclosures

W. Va. Code R. § 114-80-10

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Current through Register Vol. XLI, No. 50, December 13, 2024
Section 114-80-10 - Disclosures
10.1. The provider, upon receipt of a completed application to viaticate and after determining the value to be offered in return for the assignment or transfer of the death benefit or ownership of a policy to the provider, shall deliver a proposal to the viator no later than the date the contract for a viatical settlement contract is to be signed. The proposal shall disclose the following information:
10.1.a. Amount of death benefit to be viaticated;
10.1.b. Policy cash value before deducting any loan;
10.1.c. Policy net cash value after deducting any loan;
10.1.d. Policy death benefit less net cash value;
10.1.e. Amount offered to viator;
10.1.f. Whether any supplemental benefit or benefits are present, will be continued and, if so, the source of premium payment and the beneficiary of the proceeds of such supplemental benefit, and the provider's interest in each benefit for the following:
10.1.f.1. Accidental death and dismemberment benefit, including the amount of the benefit;
10.1.f.2. Disability income;
10.1.f.3. Waiver of premium or of monthly deduction waiver;
10.1.f.4. Guaranteed insurability options; or
10.1.f.5. Children or spouse coverage;
10.1.g. Name of the insurer, and whether the insurer does or does not have an accelerated death benefit program for which the viator qualifies; and
10.1.h. That an escrow agent shall provide escrow services to the parties pursuant to a written agreement, signed by the viatical settlement provider, the viatical settlement broker and the viator. All persons to receive any form of compensation under the escrow agreement shall be clearly identified, including name, business address, telephone number and tax identification number.
10.2. The provider shall disclose on the application or in the brochure that the identity of the viator will not be disclosed except under the permissible conditions set forth in W. Va. Code § 33-13C-6, or as otherwise required by law. The provider shall provide an explanation of these conditions found in W. Va. Code § 33-13C-6 to the viator.

W. Va. Code R. § 114-80-10